The Impact of Sustainability Uncertainty on Financial Development
サステナビリティの不確実性が金融発展に与える影響 (AI 翻訳)
Hassan Alalmaee
🤖 gxceed AI 要約
日本語
本研究は、ESG基準や開示期待の不確実性が金融発展に与える影響を、25カ国のパネルデータとESGUI指数を用いて分析。固定効果・操作変数推定の結果、ESG不確実性は金融機関の深さ・アクセス・効率に有意な負の影響を及ぼし、特に低GDP成長期にその効果が増大することを示した。金融市場への影響は見られず、規制の明確性の重要性を強調。
English
This study analyzes the impact of sustainability-related uncertainty on financial development using the ESG-Based Sustainability Uncertainty Index (ESGUI) across 25 countries from 2003-2021. Fixed-effects and IV estimations reveal a significant negative relationship, particularly in financial institution depth, access, and efficiency, amplified during low GDP growth. Financial markets are largely unaffected, underscoring the need for regulatory clarity.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本のSSBJ基準策定や有報でのサステナビリティ開示義務化の流れにおいて、規制の不確実性が金融システムに悪影響を及ぼす可能性を示す本結果は、明確で一貫した基準整備の重要性を裏付ける。
In the global GX context
In the global context of ISSB, CSRD, and SEC climate rules, this paper provides empirical evidence that ESG uncertainty hampers financial development, highlighting the critical role of coherent and predictable sustainability frameworks for resilient financial systems.
👥 読者別の含意
🔬研究者:Adds novel ESG uncertainty index and empirical evidence to ESG-finance literature, demonstrating a channel through which sustainability factors affect financial systems.
🏢実務担当者:Highlights the need to account for ESG regulatory uncertainty in risk management and capital allocation decisions.
🏛政策担当者:Calls for policy clarity and harmonized ESG standards to reduce uncertainty and promote stable financial development.
📄 Abstract（原文）
Sustainability considerations are increasingly integrated into financial decision‐making, yet little is known about how uncertainty surrounding ESG standards, policies, and disclosure expectations constrains financial development. This study investigates the impact of sustainability‐related uncertainty on the structural characteristics of financial systems by utilizing the ESG‐Based Sustainability Uncertainty Index (ESGUI) across a panel of 25 countries from 2003 to 2021. Employing fixed‐effects and instrumental‐variable estimations, the analysis reveals a significant negative relationship between ESG uncertainty and financial development, with powerful adverse effects observed within financial institutions—especially in terms of depth, access, and efficiency—while financial markets appear largely unaffected. Moreover, the findings show that the negative impact of ESG uncertainty is amplified during periods of low GDP growth. These results underscore the importance of regulatory clarity and coherent sustainability frameworks in reducing uncertainty and supporting resilient financial systems. The study advances the ESG‐finance literature by identifying sustainability uncertainty as a key, yet understudied, constraint on financial development within the context of transitioning toward sustainable economies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/sd.70823first seen 2026-05-15 18:46:02
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